1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The copper price rose 1.49% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although the smelting output decreased month - on - month, it continued to grow overall. Power investment is stable, while automobile and home appliance production are in negative growth, and the real estate market is weak. The copper price may fluctuate in a wide range in the short term [2]. - The zinc price rose 0.92% overnight. The processing fee of zinc concentrate declined, and the concentrate supply was temporarily tight, but the smelting output continued to grow. The inventory of galvanized sheets is generally high, infrastructure investment growth is slowing, automobile production is in positive growth, home appliance production is in negative growth, and the real estate market is weak. The zinc price may follow the overall trend of non - ferrous metals [2]. 3. Summary by Relevant Catalog Metal Price and Market Conditions - **Copper**: Overnight copper price up 1.49%, short - term wide - range fluctuation possible, focus on factors like US - Iran war, dollar, smelting output and downstream demand in peak season [2]. - **Zinc**: Overnight zinc price up 0.92%, may follow overall non - ferrous trend, pay attention to US - Iran war, dollar, smelting output and downstream peak - season demand [2]. Metal Data | Metal | Domestic Previous Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | Previous LME 3 - month Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 95,300 | - 70 | 12,336 | - 79.46 | 362,600 | 2,350 | | Aluminum | 24,800 | - 110 | 3,467 | 55.65 | 418,675 | - 2,200 | | Zinc | 23,470 | - 75 | 3,227 | - 6.92 | 115,275 | - 100 | | Nickel | 137,480 | - 1,110 | 17,110 | - 196.14 | 281,574 | 0 | | Lead | 16,490 | - 80 | 1,903 | - 31.41 | 283,000 | - 75 | | Tin | 367,490 | 5,300 | 46,747 | - 121.33 | 8,665 | - 55 | [2]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Investment Rating - No investment rating information provided Core View - The zinc market has strong resilience due to support from the mining end, reduced supply, and inventory depletion, but the macro - environment remains uncertain, and zinc prices are expected to fluctuate strongly in the short term [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: For different contracts of Shanghai zinc (2604, 2605, 2606), the opening, closing, highest, and lowest prices, as well as the changes and change rates, are presented. The main contract of Shanghai zinc closed at 23,480 yuan/ton, up 60 yuan with a 0.26% increase, with reduced volume and positions. The positions decreased by 5,812 lots to 91,543 lots [7] - **Market Factors**: The uncertainty of the US - Iran situation is still high, and the situation of ship passage in the Strait of Hormuz has raised concerns about energy and logistics costs. The US dollar remains strong, and market sentiment is cautious. The overseas mining end is in a tight pattern, the repair rhythm of domestic zinc concentrate processing fees is slow, the domestic mining processing fee this week is flat at 1,550 yuan/ton, and the import TC index is negative. The smelting end has entered the maintenance season, and the domestic supply pressure has been alleviated. With the gradual recovery of downstream consumption, the domestic zinc ingot inventory continues to decline. The increase in zinc futures prices has driven up the spot price, and the premium and discount performance has remained stable. Downstream purchases are mostly for rigid demand [7] 2. Industry News - **Price Ranges**: On March 31, 2026, the mainstream transaction prices of 0 zinc, 1 zinc, and special brands in different regions (Shanghai, Tianjin, Guangdong, Ningbo) are provided, along with the premium and discount situations relative to different contracts and regions [8] 3. Data Overview - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [10][12]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The report provides a comprehensive analysis of various non - ferrous metal options, including market data, option factors, and corresponding trading strategies for aluminum alloy (AD), aluminum (AL), alumina (AO), copper (CU), nickel (NI), lead (PB), tin (SN), and zinc (ZN) options [6][18][30][42] 3. Summary by Directory 3.1 Aluminum Alloy (AD) - **Market Data**: The ad2605 contract had a price of 22,960 with a 0.59% change, trading volume of 6,308, and open interest of 10,651 (a decrease of 1,581) [3] - **Option Factors - Volume and Open Interest PCR**: For AD (aluminum alloy call options), the trading volume was 136 (a decrease of 499), open interest was 532 (a decrease of 10), volume PCR was 1.21 (a change of 0.72), and open - interest PCR was 0.75 (a change of 0.07). For AD (aluminum alloy put options), the trading volume was 162 (an increase of 151), and open interest was 399 [4] - **Option Factors - Pressure and Support**: The strike price at - the - money was 23,000, the resistance level was 26,600, the support level was 21,200, the weighted implied volatility was 21.00% (a decrease of 0.53%), the annual average implied volatility was 13.84%, and HISV20 was 20.32% [5] - **Market Analysis and Strategy**: The ad2604 contract closed at 22,820 yuan yesterday, down 50 yuan (0.21%) from the previous day, with a trading volume of 3,600 lots (a decrease of 942) and open interest of 1,833 lots (a decrease of 1,730). The implied volatility of AD (aluminum alloy options) fluctuated above the average of 0.1376. The open - interest PCR of AD options was 0.6771, at the 0.53% level in the past year. The resistance and support levels were 26,600 and 21,200 respectively. The recommended volatility strategy was to construct a short call + put option combination to obtain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AD2605P22400, S_AD2605C23800 [6][7] 3.2 Aluminum (AL) - **Market Data**: The al2605 contract had a price of 27,075, trading volume of 262,689, and open interest of 257,095 (an increase of 2,891) [15] - **Option Factors - Volume and Open Interest PCR**: For AL (aluminum call options), the trading volume was 42,632 (an increase of 12,461), open interest was 56,760 (an increase of 5,984), volume PCR was 0.42 (a decrease of 0.3), and open - interest PCR was 0.59 (a decrease of 0.03). For AL (aluminum put options), the trading volume was 17,994 (a decrease of 3,767), and open interest was 33,308 (an increase of 1,828) [16] - **Option Factors - Pressure and Support**: The strike price at - the - money was 24,000, the resistance level was 26,200, the support level was 23,000, the weighted implied volatility was 22.75% (an increase of 0.90%), the annual average implied volatility was 16.78%, and HISV20 was 23.10% [17] - **Market Analysis and Strategy**: The al2605 contract closed at 23,725 yuan yesterday, down 125 yuan (0.52%) from the previous day, with a trading volume of 236,054 lots (a decrease of 78,172) and open interest of 259,986 lots (a decrease of 6,884). The implied volatility of AL (aluminum options) fluctuated above the average of 0.1674. The open - interest PCR of AL options was 0.62, at the 28.57% level in the past year. The resistance and support levels were 26,200 and 23,000 respectively. The recommended volatility strategy was to construct a short call + put option combination to obtain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AL2605P23000, S_AL2605P23400, S_AL2605C25000, S_AL2605C26000 [18][19] 3.3 Alumina (AO) - **Market Data**: The ao2605 contract had a price change of - 0.30%, trading volume of 345,552, and open interest of 20,881 (an increase of 14,195) [27] - **Option Factors - Volume and Open Interest PCR**: For AO (alumina call options), the trading volume was 53,793 (an increase of 12,821), open interest was 81,133 (an increase of 4,344), volume PCR was 0.33 (a decrease of 0.03), and open - interest PCR was 0.33 (a decrease of 0.02). For AO (alumina put options), the trading volume was 17,559 (an increase of 3,100), and open interest was 26,875 (an increase of 232) [28] - **Option Factors - Pressure and Support**: The strike price at - the - money was 2,950, the resistance level was 3,500, the support level was 2,800, the weighted implied volatility was 36.84% (an increase of 0.32%), the annual average implied volatility was 32.91%, and HISV20 was 27.65% [29] - **Market Analysis and Strategy**: The ao2605 contract closed at 2,931 yuan yesterday, down 34 yuan (1.14%) from the previous day, with a trading volume of 308,000 lots (a decrease of 260,924) and transfer volume of 223,006 lots (an increase of 2,224). The implied volatility of AO (alumina options) fluctuated above the average of 0.3288. The open - interest PCR of AO options was 0.347, at the 51.84% level in the past year. The resistance and support levels were 3,500 and 2,800 respectively. The recommended directional strategy was to construct a bull spread combination of call options to obtain directional income, and the volatility strategy was to construct a short call + put option combination to obtain option time - value income and adjust positions dynamically to keep the delta neutral, such as S_AO2605P2800, S_AO2605C3200 [30][31] 3.4 Copper (CU) - **Market Data**: The cu2605 contract had a price of 95,930, a price change of 0.36%, trading volume of 105,662 (a decrease of 6,099), and open interest of 187,395 (a decrease of 2,930) [39] - **Option Factors - Volume and Open Interest PCR**: For CU (copper call options), the trading volume was 32,703 (a decrease of 4,975), open interest was 44,271 (an increase of 1,852), volume PCR was 0.98, and open - interest PCR was 0.94 (an increase of 0.04). For CU (copper put options), the trading volume was 31,960 (a decrease of 4,748), and open interest was 41,770 (an increase of 3,569) [40] - **Option Factors - Pressure and Support**: The strike price at - the - money was 96,000, the resistance level was 100,000, the support level was 90,000, the weighted implied volatility was 27.29% (a decrease of 1.04%), the annual average implied volatility was 23.25%, and HISV20 was 22.16% [41] - **Market Analysis and Strategy**: The cu2605 contract closed at 95,350 yuan yesterday, up 160 yuan (0.16%) from the previous day, with a trading volume of 111,761 lots (a decrease of 22,275) and open interest of 190,325 lots (a decrease of 2,133). The implied volatility of CU (copper options) fluctuated above the average of 0.2324. The open - interest PCR of CU options was 0.9006, at the 76.33% level in the past year. The resistance and support levels were 100,000 and 90,000 respectively. The recommended directional strategy was to construct a bear spread combination of put options to obtain directional income, such as B_CU2605P104000, S_CU2605P90000, and there was no recommended volatility strategy [42][43] 3.5 Nickel (NI) - **Market Data**: The ni2605 contract had a price of 137,100, a price change of 0.08%, trading volume of 316,027 (a decrease of 96,279), and open interest of 182,492 (an increase of 2,597) [51] - **Option Factors - Volume and Open Interest PCR**: For NI (nickel call options), the trading volume was 41,160 (a decrease of 21,018), open interest was 30,443 (an increase of 2,141), volume PCR was 0.31 (a decrease of 0.03), and open - interest PCR was 0.58 (an increase of 0.01). For NI (nickel put options), the trading volume was 12,629 (a decrease of 8,406), and open interest was 17,575 (an increase of 1,633) [52] - **Option Factors - Pressure and Support**: The strike price at - the - money was 8,000, the resistance level was 10,000, the support level was 20,000, the weighted implied volatility was 44.66%, the annual average implied volatility was 1269 (data seems incorrect in the report), and HISV20 was 20.25% [53] 3.6 Lead (PB) - **Market Data**: The pb2605 contract had a price change of 0.51%, trading volume of 56,785, and open interest of 66,116 (an increase of 8,975) [62] - **Option Factors - Volume and Open Interest PCR**: For PB (lead call options), the trading volume was 1,967 (a decrease of 317), open interest was 4,035 (an increase of 345), volume PCR was 0.71 (a decrease of 0.28), and open - interest PCR was 1.08 (a decrease of 0.17). For PB (lead put options), the trading volume was 1,390 (a decrease of 860), and open interest was 4,373 (a decrease of 259) [63] - **Option Factors - Pressure and Support**: The strike price at - the - money was 16,600, the resistance level was 17,000, the support level was 16,200, the weighted implied volatility was 18.10% (a decrease of 1.97%), the annual average implied volatility was 18.35%, and HISV20 was 10.67% [64] 3.7 Tin (SN) - **Market Data**: The sn2605 contract had a price of 362,460, a price change of 2.68%, trading volume of 249,565, and open interest of 3,671 (an increase of 6,001) [73] - **Option Factors - Volume and Open Interest PCR**: For SN (tin call options), the trading volume was 42,714 (an increase of 27,686), open interest was 11,425 (an increase of 2,311), volume PCR was 0.31 (a decrease of 0.26), and open - interest PCR was 0.6 (a decrease of 0.08). For SN (tin put options), the trading volume was 13,419 (an increase of 4,759), and open interest was 6,848 (an increase of 636) [74] - **Option Factors - Pressure and Support**: The strike price at - the - money was 360,000, the resistance level was 450,000, the support level was 300,000, the weighted implied volatility was 56.83% (an increase of 1.28%), the annual average implied volatility was 38.20%, and HISV20 was 66.19% [75] 3.8 Zinc (ZN) - **Market Data**: The zn2605 contract had a price of 23,380, a price change of 1.71%, trading volume of 13,192 (an increase of 35,859), and open interest of 102,782 (an increase of 381) [85] - **Option Factors - Volume and Open Interest PCR**: For ZN (zinc call options), the trading volume was 43,192 (an increase of 29,018), open interest was 19,657 (an increase of 1,601), volume PCR was 0.23 (a decrease of 0.62), and open - interest PCR was 0.52 (a decrease of 0.03). For ZN (zinc put options), the trading volume was 9,930 (a decrease of 2,117), and open interest was 10,246 (an increase of 338) [86] - **Option Factors - Pressure and Support**: The strike price at - the - money was 23,400, the resistance level was 24,000, the support level was 23,000, the weighted implied volatility was 18.24% (an increase of 1.12%), the annual average implied volatility was 17.85%, and HISV20 was 15.32% [87]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated with an upward trend, and the import window for domestic spot refined copper remained open. The US March composite PMI output index was 51.4, lower than February's 51.9, hitting a new low since April last year. The manufacturing and service industries showed a differentiated trend. The service industry index dropped to 51.1, also a new low in 11 months, while the manufacturing PMI rose to 52.4, a two - month high. The market continued to focus on the US - Iran conflict. Trump said that the US - Iran negotiations "might be quite close to reaching an agreement", and Iran agreed to never have nuclear weapons. Reports indicated that the US intended to cease fire for a month and proposed 15 peace negotiation plans. The expectation of a缓和 in the US - Iran attitude was the main factor for the recent improvement in market sentiment, but the US - Iran negotiations and the conflict's direction remained uncertain. In terms of inventory, LME copper inventory increased by 11,800 tons to 359,275 tons, Comex inventory increased by 681 tons to 533,628 tons, SHFE copper warehouse receipts decreased by 11,405 tons to 262,710 tons, and BC copper warehouse receipts decreased by 175 tons to 13,911 tons. In terms of demand, the downstream's willingness to replenish inventory increased after the copper price declined. The US - Iran conflict remained the focus, and there was a seesaw effect between crude oil and copper. The conflict's direction would be the main trading factor in the future, meaning high market volatility still existed. After the copper price quickly declined to release the accumulated risks from the macro - environment and fundamental contradictions, it was expected to enter a shock - bottoming stage with "support at the bottom and lack of upward drive". The core logic was that the macro - suppression was weakening at the margin but not reversed, while the fundamental support was substantially strengthening. The strategy suggested changing from being cautiously bearish to range - bound operation, gradually laying out long positions at key support levels, and paying attention to the copper price performance in the range of 90,000 - 100,000 yuan/ton [1]. - **Aluminum**: Overnight, alumina fluctuated weakly, with AO2605 closing at 2,962 yuan/ton, a decline of 2.19%. The open interest increased by 4,909 lots to 236,000 lots. Shanghai aluminum fluctuated strongly, with AL2605 closing at 23,810 yuan/ton, a rise of 0.42%. The open interest increased by 5,051 lots to 266,000 lots. Aluminum alloy fluctuated strongly, with the overnight main contract AD2604 closing at 22,855 yuan/ton, a rise of 0.68%. The open interest decreased by 74 lots to 3,979 lots. In the spot market, the SMM alumina price rebounded to 2,757 yuan/ton. The spot discount of aluminum ingots narrowed to 140 yuan/ton. The Foshan A00 quotation rebounded to 23,440 yuan/ton, with a discount of 30 yuan/ton to the Wuxi A00. The processing fees of aluminum rods in many places remained stable, with the processing fee in Nanchang increasing by 50 yuan/ton. The processing fee of 1A60 - series aluminum rods remained stable, the processing fee of 6/8 - series aluminum rods remained stable, and the processing fee of low - carbon aluminum rods increased by 36 yuan/ton. The support logic of overseas raw material costs was gradually weakening. After the domestic production resumption increment was released, combined with the upcoming large - scale arrival of imported alumina, the inventory was under pressure. The high premium in the futures market accelerated the registration of warehouse receipts, and alumina lost its upward momentum and turned weak. Multiple oil fields in the Middle East were attacked, and energy pressure entered the long - term logic, but the aluminum plant shutdown rhythm did not cause a new supply shock. The market's core contradiction shifted from the high premium of overseas geopolitics to the weak reality of domestic inventory accumulation and slow demand start, as well as the logic of the upward repair of the copper - aluminum ratio. If there was no unexpected disturbance in the geopolitical situation, the aluminum price would be mainly adjusted weakly in the short term. Attention should be paid to the approaching time of the inventory - depletion inflection point, and new geopolitical variables should be vigilant [1][2]. - **Nickel**: Overnight, LME nickel rose 3.64% to $17,915/ton, and Shanghai nickel rose 1.65% to 140,330 yuan/ton. In terms of inventory, LME nickel inventory increased by 96 tons to 282,888 tons, and SHFE warehouse receipts increased by 374 tons to 58,006 tons. In terms of the premium, the LME 0 - 3 month premium remained negative, and the import nickel premium remained at a discount of 150 yuan/ton. Under the dual effects of tight nickel ore supply and rising freight rates, the nickel ore price continued to strengthen. At the same time, both the weekly nickel iron quotation and transaction price increased, while the first - grade nickel showed great pressure in the weekly social inventory. On the demand side, the total social inventory of stainless steel in the 89 major warehouses of the national mainstream stainless - steel market was 1.1274 million tons, a week - on - week decrease of 1.32%. There were disturbances on the MHP supply side, but the auxiliary material cost increased, and the transaction coefficient rose. In addition, the output of ternary materials in March was expected to increase by 19% month - on - month to 84,360 tons. Under the tightening of Indonesia's nickel ore quota, there were again disturbances on the supply side. Given the continuous strengthening of the cost side, there might still be short - term long - trading opportunities with reference to the cost line, but in the short term, attention should be paid to the impact of overseas geopolitics and market sentiment. At the same time, there was an expectation of supplementary quotas in July, and the large inventory pressure of first - grade nickel would also put pressure on the nickel price [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Copper**: Overnight price trend, macro - economic data, geopolitical situation, inventory changes, demand situation, and future price trend and strategy suggestions [1]. - **Aluminum**: Overnight price trend, spot market situation, raw material cost, inventory pressure, and future price trend and attention points [1][2]. - **Nickel**: Overnight price trend, inventory changes, cost situation, demand situation, and future price trend and trading suggestions [3]. 3.2 Daily Data Monitoring - **Copper**: Price changes of flat - copper, waste copper, downstream products, and smelting processing fees; inventory changes in LME, COMEX, and social inventory; and changes in other indicators such as LME0 - 3 premium and import profit and loss [4]. - **Lead**: Price changes of lead products, lead - concentrate prices and processing fees, inventory changes in LME and SHFE, and import profit and loss [4]. - **Aluminum**: Price changes of aluminum products, raw material prices, downstream processing fees, inventory changes in LME, SHFE, and social inventory, and import profit and loss [5]. - **Nickel**: Price changes of nickel products, nickel - ore and nickel - iron prices, inventory changes in LME, SHFE, and social inventory, and import profit and loss [5]. - **Zinc**: Price changes of zinc products, TC, inventory changes in LME, SHFE, and social inventory, and import profit and loss [7]. - **Tin**: Price changes of tin products, tin - concentrate prices, inventory changes in LME and SHFE, and import profit and loss [7]. 3.3 Chart Analysis - **3.3.1 Spot Premium**: Charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [9][10][12][13]. - **3.3.2 SHFE Near - Far Month Spread**: Charts of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2026 [15][16][17][18][19][20][21]. - **3.3.3 LME Inventory**: Charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [22][23][24][25][26][27]. - **3.3.4 SHFE Inventory**: Charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [28][29][30][31][32][33]. - **3.3.5 Social Inventory**: Charts of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [34][35][36][37][39]. - **3.3.6 Smelting Profit**: Charts of copper - concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2026 [40][41][42][43][44][45]. 3.4 Team Introduction - **Zhan Dapeng**: Current position, professional titles, work experience, media interviews, and honors [47]. - **Wang Heng**: Current position, educational background, research direction, honors, work content, and media interviews [47]. - **Zhu Xi**: Current position, educational background, research direction, honors, work content, and media interviews [48].

Report Industry Investment Rating - Not provided Core Viewpoints - Copper prices rose 2.98% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow overall. Power investment is stable, while automobile production and sales, home appliance production schedules are in negative growth, and the real estate market is weak. Copper prices may remain weak in the short term [2]. - Zinc prices rose 1.21% overnight. Zinc concentrate processing fees have declined, and the concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are at a high level. Infrastructure investment growth has slowed, automobile production and sales are in positive growth, home appliance production schedules are in negative growth, and the real estate market is weak. Zinc prices may follow the overall trend of non - ferrous metals [2]. Summary by Related Catalogs Metal Price Movements - Copper: Night - time price increased by 2.98% [2]. - Zinc: Night - time price increased by 1.21% [2]. Metal Market Fundamentals - Copper: Concentrate supply is tight, smelting profits are at the break - even point, and smelting output has a high - growth trend. Power investment is stable, while automobile and home appliance sectors have negative growth, and the real estate market is weak [2]. - Zinc: Concentrate supply is temporarily tight, smelting output is growing. Galvanized sheet inventories are high, infrastructure investment growth is slowing, automobile production and sales are positive, home appliance production schedules are negative, and the real estate market is weak [2]. Market Data | Metal | Domestic Previous - day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - day LME 3 - month Futures Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 92,120 | - 60 | 12,221 | - 85.26 | 342,350 | 6,925 | | Aluminum | 23,960 | - 150 | 3,226 | 30.63 | 429,675 | - 3,050 | | Zinc | 22,930 | - 45 | 3,103 | - 20.79 | 117,675 | - 175 | | Nickel | 132,750 | - 4,300 | 17,200 | - 188.19 | 283,512 | - 258 | | Lead | 16,255 | - 90 | 1,899 | - 39.61 | 284,100 | - 150 | | Tin | 342,480 | - 12,630 | 44,500 | - 266.00 | 8,920 | - 35 | [2]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The report analyzes the market data, option factors, and provides trading strategies for various有色金属 options, including aluminum alloy (AD), aluminum (AL), alumina (AO), copper (CU), nickel (NI), lead (PB), tin (SN), and zinc (ZN) options. It focuses on the price movements, implied volatility, and position - volume PCR of each option, and offers corresponding directional and volatility strategies [6][18][31]. 3. Summary by Related Catalogs 3.1 Aluminum Alloy (AD) - **Market Data**: The ad2604 contract closed at 23,595 yuan yesterday, down 0.65% from the previous day. The trading volume was 6,605 lots, an increase of 359 lots, and the open interest was 5,267 lots, a decrease of 31 lots [3][6]. - **Option Factors**: The implied volatility of AD options fluctuated above the average of 0.1298. The position - volume PCR of AD options was 0.9468, at the 14.84% level in the past year. The pressure level was 26,600, and the support level was 23,400 [5][6]. - **Strategy Recommendations**: No directional strategy. For volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and keep the delta of the position neutral, such as S_AD2604P22800, S_AD2604C24400 [7]. 3.2 Aluminum (AL) - **Market Data**: The al2605 contract closed at 24,800 yuan yesterday, down 0.97% from the previous day. The trading volume was 287,273 lots, an increase of 1,926 lots, and the open interest was 307,325 lots, a decrease of 3,577 lots [15][18]. - **Option Factors**: The implied volatility of AL options fluctuated above the average of 0.1635. The position - volume PCR of AL options was 0.5953, at the 19.59% level in the past year. The pressure level was 26,000, and the support level was 24,000 [17][18]. - **Strategy Recommendations**: For the directional strategy, construct a bull spread combination strategy of call options to obtain directional income, such as B_AL2604C25000, S_AL2604C26000. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and keep the delta of the position neutral, such as S_AL2604P23600, S_AL2604P24000, S_AL2604C25600, S_AL2604C26000 [19]. 3.3 Alumina (AO) - **Market Data**: The ao2605 contract closed at 3,048 yuan yesterday, up 0.66% from the previous day. The trading volume was 1,015,500 lots, a decrease of 376,897 lots, and the open interest was 273,934 lots, a decrease of 6,620 lots [28][31]. - **Option Factors**: The implied volatility of AO options fluctuated above the average of 0.3240. The position - volume PCR of AO options was 0.4573, at the 72.24% level in the past year. The pressure level was 3,400, and the support level was 2,600 [30][31]. - **Strategy Recommendations**: For the directional strategy, construct a bull spread combination strategy of call options to obtain directional income. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and keep the delta of the position neutral, such as S_AO2605P2800, S_AO2605C3200 [32]. 3.4 Copper (CU) - **Market Data**: The cu2604 contract closed at 98,590 yuan yesterday, down 1.46% from the previous day. The trading volume was 106,663 lots, an increase of 19,579 lots, and the open interest was 174,221 lots, a decrease of 4,747 lots [40][43]. - **Option Factors**: The implied volatility of CU options fluctuated above the average of 0.2280. The position - volume PCR of CU options was 0.8581, at the 70.20% level in the past year. The pressure level was 116,000, and the support level was 90,000 [42][43]. - **Strategy Recommendations**: No directional strategy. For the volatility strategy, construct a short - volatility option seller combination strategy to obtain time - value income, such as S_CU2604P96000, S_CU2604P98000, S_CU2604C108000, S_CU2604C112000 [44]. 3.5 Nickel (NI) - **Market Data**: The ni2605 contract closed at 135,200 yuan yesterday, down 1.42% from the previous day. The trading volume was 260,586 lots, a decrease of 82,221 lots, and the open interest was 198,227 lots, a decrease of 9,522 lots [52][55]. - **Option Factors**: The implied volatility of NI options fluctuated above the average of 0.3072. The position - volume PCR of NI options was 0.5102, at the 38.78% level in the past year. The pressure level was 150,000, and the support level was 130,000 [54][55]. - **Strategy Recommendations**: No directional strategy. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and keep the delta of the position neutral, such as S_NI2604P126000, S_NI2604P130000, S_NI2604C146000, S_NI2604C150000 [56]. 3.6 Lead (PB) - **Market Data**: The pb2604 contract closed at 16,645 yuan yesterday, up 0.87% from the previous day. The trading volume was 54,361 lots, a decrease of 13,486 lots, and the open interest was 40,136 lots, a decrease of 11,026 lots [64][67]. - **Option Factors**: The implied volatility of PB options fluctuated above the average of 0.1817. The position - volume PCR of PB options was 0.5239, at the 19.59% level in the past year. The pressure level was 18,000, and the support level was 16,400 [66][67]. - **Strategy Recommendations**: No directional strategy. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and keep the delta of the position neutral, such as S_PB2604P15800, S_PB2604C16200, S_PB2604C17200, S_PB2604C17600 [68]. 3.7 Tin (SN) - **Market Data**: The sn2604 contract closed at 370,000 yuan yesterday, down 2.58% from the previous day. The trading volume was 198,364 lots, a decrease of 23,965 lots, and the open interest was 30,797 lots, a decrease of 903 lots [76][79]. - **Option Factors**: The implied volatility of SN options fluctuated above the average of 0.3742. The position - volume PCR of SN options was 0.6444, at the 33.47% level in the past year. The pressure level was 525,000, and the support level was 350,000 [78][79]. - **Strategy Recommendations**: No directional strategy. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and keep the delta of the position neutral, such as S_SN2604P375000, S_SN2604C410000 [80]. 3.8 Zinc (ZN) - **Market Data**: The zn2604 contract closed at 23,325 yuan yesterday, down 2.28% from the previous day. The trading volume was 104,120 lots, an increase of 22,384 lots, and the open interest was 65,911 lots, a decrease of 7,830 lots [88][91]. - **Option Factors**: The implied volatility of ZN options fluctuated above the average of 0.1765. The position - volume PCR of ZN options was 0.7381, at the 27.76% level in the past year. The pressure level was 25,000, and the support level was 23,000 [90][91]. - **Strategy Recommendations**: For the directional strategy, construct a bear spread combination strategy of put options to obtain directional income, such as B_ZN2604P24200, S_ZN2604P23000. No volatility strategy [92].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report provides a comprehensive analysis of various non - ferrous metal options, including aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, and zinc options. It presents market data, option factors, and offers corresponding trading strategies based on the analysis of each option's market conditions [6][18][30][42][54][66][78][90]. 3. Summary by Related Catalogs 3.1 Aluminum Alloy (AD) - **Market Data**: The ad2604 contract closed at 23,830 yuan yesterday, down 40 yuan or 0.16% from the previous day. The trading volume was 6,524 lots, an increase of 682 lots, and the open interest was 5,383 lots, a decrease of 296 lots [3][6]. - **Option Factors**: The implied volatility of AD (aluminum alloy options) fluctuated above the average of 0.1274. The open interest PCR of AD options was reported at 1.0279, at the 20.56% level in the past year. The pressure level was 22,000, and the support level was 23,400 [5][6]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_AD2604P22800, S_AD2604C24400 [7]. 3.2 Aluminum (AL) - **Market Data**: The al2605 contract closed at 25,170 yuan yesterday, down 115 yuan or 0.45% from the previous day. The trading volume was 361,102 lots, an increase of 361,102 lots, and the open interest was 309,830 lots, an increase of 4,233 lots [15][18]. - **Option Factors**: The implied volatility of AL (aluminum options) fluctuated above the average of 0.1623. The open interest PCR of AL options was reported at 0.6055, at the 20.00% level in the past year. The pressure level was 26,000, and the support level was 23,000 [17][18]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_AL2604C25000, S_AL2604C26000. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_AL2604P23600, S_AL2604P24000, S_AL2604C25600, S_AL2604C26000 [19]. 3.3 Alumina (AO) - **Market Data**: The ao2605 contract closed at 2,965 yuan yesterday, up 32 yuan or 1.09% from the previous day. The trading volume was 808,529 lots, an increase of 82,141 lots, and the open interest was 267,270 lots, a decrease of 12,490 lots [27][30]. - **Option Factors**: The implied volatility of AO (alumina options) fluctuated above the average of 0.3219. The open interest PCR of AO options was reported at 0.4063, at the 65.71% level in the past year. The pressure level was 3,500, and the support level was 2,700 [29][30]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_AO2605P2700, S_AO2605C3000 [31]. 3.4 Copper (CU) - **Market Data**: The cu2604 contract closed at 99,720 yuan yesterday, down 880 yuan or 0.87% from the previous day. The trading volume was 128,646 lots, an increase of 43,497 lots, and the open interest was 19,339 lots, an increase of 2,428 lots [39][42]. - **Option Factors**: The implied volatility of CU (copper options) fluctuated above the average of 0.2268. The open interest PCR of CU options was reported at 0.8057, at the 55.92% level in the past year. The pressure level was 116,000, and the support level was 100,000 [41][42]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_CU2604C98000, S_CU2604C106000. For the volatility strategy, construct a short volatility option combination strategy to obtain time - value income, such as S_CU2604P96000, S_CU2604P98000, S_CU2604C108000, S_CU2604C112000 [43]. 3.5 Nickel (NI) - **Market Data**: The ni2605 contract closed at 136,400 yuan yesterday, down 2,130 yuan or 1.53% from the previous day. The trading volume was 350,916 lots, a decrease of 52,020 lots, and the open interest was 208,187 lots, a decrease of 3,420 lots [51][54]. - **Option Factors**: The implied volatility of NI (nickel options) fluctuated above the average of 0.3057. The open interest PCR of NI options was reported at 0.5431, at the 43.67% level in the past year. The pressure level was 150,000, and the support level was 130,000 [53][54]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_NI2604P126000, S_NI2604P130000, S_NI2604C146000, S_NI2604C150000 [55]. 3.6 Lead (PB) - **Market Data**: The pb2604 contract closed at 16,315 yuan yesterday, down 270 yuan or 1.62% from the previous day. The trading volume was 74,012 lots, an increase of 28,081 lots, and the open interest was 66,049 lots, an increase of 2,368 lots [63][66]. - **Option Factors**: The implied volatility of PB (lead options) fluctuated above the average of 0.1806. The open interest PCR of PB options was reported at 0.6387, at the 47.76% level in the past year. The pressure level was 17,000, and the support level was 16,000 [65][66]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_PB2604P15800, S_PB2604C16200, S_PB2604C17200, S_PB2604C17600 [67]. 3.7 Tin (SN) - **Market Data**: The sn2604 contract closed at 373,360 yuan yesterday, down 12,270 yuan or 3.18% from the previous day. The trading volume was 239,145 lots, an increase of 11,405 lots, and the open interest was 33,035 lots, a decrease of 2,351 lots [75][78]. - **Option Factors**: The implied volatility of SN (tin options) fluctuated above the average of 0.3709. The open interest PCR of SN options was reported at 0.635, at the 31.84% level in the past year. The pressure level was 525,000, and the support level was 350,000 [77][78]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_SN2604P375000, S_SN2604C410000 [79]. 3.8 Zinc (ZN) - **Market Data**: The zn2604 contract closed at 23,905 yuan yesterday, down 315 yuan or 1.30% from the previous day. The trading volume was 108,986 lots, an increase of 23,045 lots, and the open interest was 77,317 lots, an increase of 2,126 lots [87][90]. - **Option Factors**: The implied volatility of ZN (zinc options) fluctuated above the average of 0.1758. The open interest PCR of ZN options was reported at 0.7999, at the 47.76% level in the past year. The pressure level was 25,000, and the support level was 23,000 [89][90]. - **Strategy Suggestions**: For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust positions to keep the delta neutral, such as S_ZN2604P23400, S_ZN2604P23800, S_ZN2604C24800, S_ZN2604C25000 [91].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The report provides a comprehensive analysis of the futures and options markets for various non - ferrous metals, including aluminum alloy (AD), aluminum (AL), alumina (AO), copper (CU), nickel (NI), lead (PB), tin (SN), and zinc (ZN). It includes data on contract prices, trading volumes, open interest, option factors such as volume - to - open - interest PCR, pressure and support levels, and provides corresponding option strategy suggestions [6][18][30][42][54][66][79][91] 3. Summary by Related Catalogs 3.1 Aluminum Alloy (AD) - **Futures Market Data**: The ad2604 contract closed at 23,990 yuan yesterday, up 75 yuan (0.31%) from the previous day. The trading volume was 6,862 lots, a decrease of 1,296 lots, and the open interest was 5,874 lots, a decrease of 26 lots [3][6] - **Option Factors - Volume and Open Interest PCR**: The trading volume of AD (aluminum alloy call options) was 457 lots, with a change of 287 lots; the open interest was 829 lots, with a change of 81 lots. The trading volume of AD (aluminum alloy put options) was 354 lots, with a change of 92 lots; the open interest was 848 lots, a decrease of 16 lots. The volume PCR was 0.77, a decrease of 0.77, and the open - interest PCR was 1.02, a decrease of 0.13 [4] - **Option Factors - Pressure and Support**: The strike price at - the - money was 24,000, the resistance level was 22,000, the support level was 23,400, the weighted implied volatility was 31.90%, a decrease of 0.24%, the annual average implied volatility was 12.47%, and HISV20 was 20.62% [5] - **Option Strategy Suggestions**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta of positions neutral, such as S_AD2604P22800, S_AD2604C24400 [7] 3.2 Aluminum (AL) - **Futures Market Data**: The al2604 contract closed at 25,240 yuan yesterday, up 95 yuan (0.37%) from the previous day. The trading volume was 319,158 lots, an increase of 1,760 lots, and the open interest was 205,970 lots, a decrease of 6,156 lots [15][18] - **Option Factors - Volume and Open Interest PCR**: The trading volume of AL (aluminum call options) was 151,459 lots, a decrease of 18,012 lots; the open interest was 109,227 lots, a decrease of 411 lots. The trading volume of AL (aluminum put options) was 41,684 lots, a decrease of 8,640 lots; the open interest was 67,559 lots, an increase of 3,067 lots. The volume PCR was 0.28, a decrease of 0.02, and the open - interest PCR was 0.62, an increase of 0.03 [16] - **Option Factors - Pressure and Support**: The strike price at - the - money was 26,000, the resistance level was 26,000, the support level was 23,000, the weighted implied volatility was 32.45%, an increase of 1.44%, the annual average implied volatility was 16.08%, and HISV20 was 22.50% [17] - **Option Strategy Suggestions**: Directional strategy: Construct a bull call spread strategy to obtain directional income, such as B_AL2604C25000, S_AL2604C26000; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta of positions neutral, such as S_AL2604P23600, S_AL2604P24000, S_AL2604C25600, S_AL2604C26000 [19] 3.3 Alumina (AO) - **Futures Market Data**: The ao2605 contract closed at 2,865 yuan yesterday, up 16 yuan (0.56%) from the previous day. The trading volume was 585,975 lots, an increase of 231,469 lots, and the open interest was 295,463 lots, an increase of 7,211 lots [27][30] - **Option Factors - Volume and Open Interest PCR**: The trading volume of AO (alumina call options) was 161,546 lots, an increase of 81,725 lots; the open interest was 98,373 lots, an increase of 6,125 lots. The trading volume of AO (alumina put options) was 31,840 lots, an increase of 15,126 lots; the open interest was 33,409 lots, an increase of 4,082 lots. The volume PCR was 0.2, a decrease of 0.01, and the open - interest PCR was 0.34, an increase of 0.02 [28] - **Option Factors - Pressure and Support**: The strike price at - the - money was 2,850, the resistance level was 3,500, the support level was 2,700, the weighted implied volatility was 50.21%, an increase of 1.09%, the annual average implied volatility was 32.00%, and HISV20 was 22.24% [29] - **Option Strategy Suggestions**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta of positions neutral, such as S_AO2605P2700, S_AO2605C2950 [31] 3.4 Copper (CU) - **Futures Market Data**: The cu2604 contract closed at 101,010 yuan yesterday, down 520 yuan (0.51%) from the previous day. The trading volume was 87,960 lots, an increase of 12,085 lots, and the open interest was 192,390 lots, a decrease of 271 lots [39][42] - **Option Factors - Volume and Open Interest PCR**: The trading volume of CU (copper call options) was 53,304 lots, a decrease of 3,595 lots; the open interest was 80,096 lots, an increase of 689 lots. The trading volume of CU (copper put options) was 38,625 lots, an increase of 13,351 lots; the open interest was 58,473 lots, an increase of 1,951 lots. The volume PCR was 0.72, an increase of 0.28, and the open - interest PCR was 0.73, an increase of 0.02 [40] - **Option Factors - Pressure and Support**: The strike price at - the - money was 102,000, the resistance level was 116,000, the support level was 100,000, the weighted implied volatility was 30.14%, an increase of 0.719, the annual average implied volatility was 22.55%, and HISV20 was 20.37% [41] - **Option Strategy Suggestions**: Directional strategy: Construct a bull call spread strategy to obtain directional income, such as B_CU2604C100000, S_CU2604C106000; Volatility strategy: Construct a short - volatility option seller combination strategy to obtain time - value income, such as S_CU2604P98000, S_CU2604P100000, S_CU2604C108000, S_CU2604C112000 [43] 3.5 Nickel (NI) - **Futures Market Data**: The ni2605 contract closed at 138,100 yuan yesterday, up 810 yuan (0.58%) from the previous day. The trading volume was 491,504 lots, an increase of 182,325 lots, and the open interest was 212,958 lots, an increase of 2,115 lots [51][54] - **Option Factors - Volume and Open Interest PCR**: The trading volume of NI (nickel call options) was 115,131 lots, an increase of 59,962 lots; the open interest was 49,155 lots, an increase of 1,727 lots. The trading volume of NI (nickel put options) was 25,653 lots, an increase of 8,746 lots; the open interest was 26,557 lots, an increase of 793 lots. The volume PCR was 0.22, a decrease of 0.08, and the open - interest PCR was 0.54 [52] - **Option Factors - Pressure and Support**: The strike price at - the - money was 138,000, the resistance level was 150,000, the support level was 130,000, the weighted implied volatility was 50.98%, an increase of 2.99%, the annual average implied volatility was 30.39%, and HISV20 was 30.81% [53] - **Option Strategy Suggestions**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta of positions neutral, such as S_NI2604P126000, S_NI2604P130000, S_NI2604C146000, S_NI2604C150000 [55] 3.6 Lead (PB) - **Futures Market Data**: The pb2604 contract closed at 16,615 yuan yesterday, down 35 yuan (0.21%) from the previous day. The trading volume was 30,328 lots, a decrease of 10,640 lots, and the open interest was 62,266 lots, an increase of 1,183 lots [63][66] - **Option Factors - Volume and Open Interest PCR**: The trading volume of PB (lead call options) was 4,600 lots, a decrease of 98 lots; the open interest was 9,586 lots, an increase of 220 lots. The trading volume of PB (lead put options) was 1,415 lots, a decrease of 760 lots; the open interest was 5,252 lots, an increase of 457 lots. The volume PCR was 0.31, a decrease of 0.16, and the open - interest PCR was 0.55, an increase of 0.02 [64] - **Option Factors - Pressure and Support**: The strike price at - the - money was 16,600, the resistance level was 19,600, the support level was 16,400, the weighted implied volatility was 24.58%, an increase of 0.27, the annual average implied volatility was 17.96%, and HISV20 was 4.98% [65] - **Option Strategy Suggestions**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta of positions neutral, such as S_PB2604P15800, S_PB2604C16200, S_PB2604C17200, S_PB2604C17600 [67] 3.7 Tin (SN) - **Futures Market Data**: The sn2604 contract closed at 393,500 yuan yesterday, down 3,550 yuan (0.89%) from the previous day. The trading volume was 215,161 lots, a decrease of 24,104 lots, and the open interest was 33,098 lots, a decrease of 884 lots [76][79] - **Option Factors - Volume and Open Interest PCR**: The trading volume of SN (tin call options) was 38,385 lots, a decrease of 17,732 lots; the open interest was 21,791 lots, an increase of 1,213 lots. The trading volume of SN (tin put options) was 25,293 lots, an increase of 59 lots; the open interest was 15,278 lots, an increase of 736 lots. The volume PCR was 0.66, an increase of 0.21, and the open - interest PCR was 0.7, a decrease of 0.01 [77] - **Option Factors - Pressure and Support**: The strike price at - the - money was 395,000, the resistance level was 525,000, the support level was 350,000, the weighted implied volatility was 66.75%, a decrease of 4.38%, the annual average implied volatility was 36.73%, and HISV20 was 78.71% [78] - **Option Strategy Suggestions**: Directional strategy: None; Volatility strategy: Construct a short call + put option combination strategy to obtain option time - value income, and dynamically adjust positions to keep the delta of positions neutral, such as S_SN2604P375000, S_SN2604C410000 [80] 3.8 Zinc (ZN) - **Futures Market Data**: The zn2604 contract closed at 24,300 yuan yesterday, down 120 yuan (0.49%) from the previous day. The trading volume was 109,003 lots, an increase of 34,199 lots, and the open interest was 72,726 lots, a decrease of 1,494 lots [88][91] - **Option Factors - Volume and Open Interest PCR**: The trading volume of ZN (zinc call options) was 23,676 lots, an increase of 3,290 lots; the open interest was 25,087 lots, an increase of 1,190 lots. The trading volume of ZN (zinc put options) was 13,257 lots, an increase of 4,991 lots; the open interest was 17,032 lots, an increase of 646 lots. The volume PCR was 0.56, an increase of 0.15, and the open - interest PCR was

Report Summary 1. Industry Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - Copper prices rose 0.16% overnight, with tight concentrate supply and smelting profits at the break - even point. Although smelting output decreased month - on - month, it continued to grow overall. Copper prices may fluctuate in the short term, and factors such as the US dollar, copper smelting output, and downstream demand in the peak season should be monitored [2]. - Zinc prices fell 0.04% overnight. Zinc concentrate processing fees declined, with a temporary shortage of concentrate supply, while smelting output continued to grow. Zinc prices may follow the overall trend of non - ferrous metals, and attention should be paid to the US dollar, smelting output, and downstream peak - season demand [2]. 3. Summary by Variety Copper - Overnight price change: up 0.16% - Supply situation: Concentrate supply is tight, and smelting profits are at the break - even point. Although smelting output decreased month - on - month, it continued to grow overall. - Demand situation: Power investment is stable; automobile production and sales are growing; home appliance production scheduling is in negative growth; the real estate market remains weak. - Price outlook: May fluctuate in the short term. - Key factors to watch: US dollar, copper smelting output, and downstream demand in the peak season [2] - Market data: Domestic previous - day futures closing price was 100,780 yuan/ton, domestic basis was 40 yuan/ton, previous - day LME 3 - month contract closing price was 13,049 dollars/ton, LME spot premium (CASH - 3M) was - 101.90 dollars/ton, LME inventory was 301,950 tons, and LME inventory daily change was 7,700 tons [2] Zinc - Overnight price change: down 0.04% - Supply situation: Zinc concentrate processing fees declined, with a temporary shortage of concentrate supply, while smelting output continued to grow. - Demand situation: Galvanized sheet inventory is generally high. Infrastructure investment cumulative growth rate is slowing down; automobile production and sales are growing; home appliance production scheduling is in negative growth; the real estate market remains weak. - Price outlook: May follow the overall trend of non - ferrous metals. - Key factors to watch: US dollar, smelting output, and downstream peak - season demand [2] - Market data: Domestic previous - day futures closing price was 24,290 yuan/ton, domestic basis was - 135 yuan/ton, previous - day LME 3 - month contract closing price was 3,316 dollars/ton, LME spot premium (CASH - 3M) was - 41.31 dollars/ton, LME inventory was 98,950 tons, and LME inventory daily change was 4,150 tons [2] Other Metals - **Aluminum**: Domestic previous - day futures closing price was 25,165 yuan/ton, domestic basis was - 140 yuan/ton, previous - day LME 3 - month contract closing price was 3,457 dollars/ton, LME spot premium (CASH - 3M) was 26.51 dollars/ton, LME inventory was 452,375 tons, and LME inventory daily change was - 2,250 tons [2] - **Nickel**: Domestic previous - day futures closing price was 136,500 yuan/ton, domestic basis was - 3,260 yuan/ton, previous - day LME 3 - month contract closing price was 17,720 dollars/ton, LME spot premium (CASH - 3M) was - 208.29 dollars/ton, LME inventory was 287,088 tons, and LME inventory daily change was - 330 tons [2] - **Lead**: Domestic previous - day futures closing price was 16,615 yuan/ton, domestic basis was - 190 yuan/ton, previous - day LME 3 - month contract closing price was 1,939 dollars/ton, LME spot premium (CASH - 3M) was - 47.99 dollars/ton, LME inventory was 284,875 tons, and LME inventory daily change was 0 tons [2] - **Tin**: Domestic previous - day futures closing price was 392,680 yuan/ton, domestic basis was 200 yuan/ton, previous - day LME 3 - month contract closing price was 49,905 dollars/ton, LME spot premium (CASH - 3M) was - 98.00 dollars/ton, LME inventory was 8,015 tons, and LME inventory daily change was - 10 tons [2]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The report presents the market data, option factors, and strategy suggestions for various non - ferrous metal options, including aluminum alloy, aluminum, alumina, copper, nickel, lead, tin, and zinc options. It analyzes the price trends, volatility, and market sentiment of these options, and provides corresponding trading strategies based on different market conditions [3][6][7]. 3. Summary by Related Catalogs 3.1. Aluminum Alloy (AD) - **Market Data**: The ad2604 contract closed at 22,710 yuan yesterday, up 200 yuan (0.88%) from the previous day. The trading volume was 10,719 lots, an increase of 3,854 lots, and the open interest was 9,330 lots, a decrease of 2,149 lots [3][6]. - **Option Factors**: The implied volatility of AD options fluctuates above the mean of 0.0000. The AD option open interest PCR is 0.6382, at the 0.00% level in the past year. The pressure level is 22,000, and the support level is 22,200 [6]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_AD2604C23000, S_AD2604P22000 [7]. 3.2. Aluminum (AL) - **Market Data**: The al2604 contract closed at 23,845 yuan yesterday, up 145 yuan (0.61%) from the previous day. The trading volume was 266,795 lots, an increase of 28,445 lots, and the open interest was 252,168 lots, an increase of 4,008 lots [15][18]. - **Option Factors**: The implied volatility of AL options fluctuates above the mean of 0.0000. The AL option open interest PCR is 0.5458, at the 4.49% level in the past year. The pressure level is 25,000, and the support level is 23,000 [18]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_AL2604C23600, S_AL2604C24600. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_AL2604P23600, S_AL2604C24400, S_AL2604C24600 [19]. 3.3. Alumina (AO) - **Market Data**: The ao2605 contract closed at 2,820 yuan yesterday, down 32 yuan (1.12%) from the previous day. The trading volume was 448,156 lots, an increase of 169,107 lots, and the open interest was 340,118 lots, an increase of 35,111 lots [27][30]. - **Option Factors**: The implied volatility of AO options fluctuates above the mean of 0.0000. The AO option open interest PCR is 0.2496, at the 17.55% level in the past year. The pressure level is 3,500, and the support level is 2,350 [30]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_AO2605C2950, S_AO2605P2700 [31]. 3.4. Copper (CU) - **Market Data**: The cu2604 contract closed at 102,670 yuan yesterday, up 220 yuan (0.21%) from the previous day. The trading volume was 105,699 lots, an increase of 105,699 lots, and the open interest was 184,703 lots, an increase of 11,195 lots [39][42]. - **Option Factors**: The implied volatility of CU options fluctuates above the mean of 0.0000. The CU option open interest PCR is 0.5947, at the 1.63% level in the past year. The pressure level is 116,000, and the support level is 94,000 [42]. - **Strategy Suggestions**: For the directional strategy, construct a bull call spread strategy to obtain directional income, such as B_CU2604C100000, S_CU2604C106000. For the volatility strategy, construct a short - volatility option seller combination strategy to obtain time - value income, such as S_CU2604P98000, S_CU2604P100000, S_CU2604C108000, S_CU2604C112000 [43]. 3.5. Nickel (NI) - **Market Data**: The ni2605 contract closed at 141,040 yuan yesterday, down 480 yuan (0.33%) from the previous day. The trading volume was 368,199 lots, an increase of 368,199 lots, and the open interest was 205,915 lots, an increase of 17,485 lots [52][55]. - **Option Factors**: The implied volatility of NI options fluctuates above the mean of 0.0000. The NI option open interest PCR is 0.5329, at the 44.08% level in the past year. The pressure level is 150,000, and the support level is 130,000 [55]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short - biased call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta short, such as S_NI2604P126000, S_NI2604P130000, S_NI2604C146000, S_NI2604C150000 [56]. 3.6. Lead (PB) - **Market Data**: The pb2604 contract closed at 16,795 yuan yesterday, up 50 yuan (0.29%) from the previous day. The trading volume was 55,290 lots, a decrease of 12,415 lots, and the open interest was 64,924 lots, a decrease of 7,072 lots [64][67]. - **Option Factors**: The implied volatility of PB options fluctuates above the mean of 0.0000. The PB option open interest PCR is 0.7409, at the 57.14% level in the past year. The pressure level is 19,600, and the support level is 16,400 [67]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_PB2604P16200, S_PB2604C17200, S_PB2604C17600 [68]. 3.7. Tin (SN) - **Market Data**: The sn2603 contract closed at 414,180 yuan yesterday, up 13,320 yuan (3.32%) from the previous day. The trading volume was 163,249 lots, a decrease of 9,976 lots, and the open interest was 12,801 lots, a decrease of 5,545 lots [76][79]. - **Option Factors**: The implied volatility of SN options fluctuates above the mean of 0.0000. The SN option open interest PCR is 0.843, at the 57.14% level in the past year. The pressure level is 525,000, and the support level is 350,000 [79]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, use a short - volatility strategy to obtain time - value income, such as S_SN2604P38000, S_SN2604C430000 [80]. 3.8. Zinc (ZN) - **Market Data**: The zn2604 contract closed at 24,570 yuan yesterday, down 70 yuan (0.28%) from the previous day. The trading volume was 94,374 lots, an increase of 94,374 lots, and the open interest was 92,762 lots, an increase of 3,278 lots [88][91]. - **Option Factors**: The implied volatility of ZN options fluctuates above the mean of 0.0000. The ZN option open interest PCR is 0.7843, at the 40.41% level in the past year. The pressure level is 25,000, and the support level is 24,000 [91]. - **Strategy Suggestions**: For the directional strategy, there is no suggestion. For the volatility strategy, construct a short call + put option combination strategy to obtain option time - value income and dynamically adjust the positions to keep the delta neutral, such as S_ZN2604P24000, S_ZN2604P24200, S_ZN2604C25000, S_ZN2604C25500 [92].